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Macy’s falls short in Q1; to open 32 new stores by 2018
Cincinnati -- Bad weather, decreased spending by international tourists due to the strong U.S. dollar and delayed merchandise shipments from the West Coast port slowdown all contributed to Macy’s missing Wall Street projections for profit and revenue in the first quarter of fiscal 2015. Net income fell 13% to $193 million, from $224 million in the same quarter a year earlier.
Net sales dropped about 1% to $6.23 million, from $6.28 million. Same-store sales declined 0.7%.